The best way to understand how a functional area works is to understand what makes it different from the rest of the organization. In this video, learn where business development fits in the organization.
- Lots of people use business development…interchangeably with sales.…This is most often the case when selling is consultative,…meaning that the salesperson has to spend a lot of time…customizing the pitch, and maybe even the product bundle.…After all, business development is about…undefined and new growth opportunities.…And isn't every meeting with a new customer…actually about an undefined opportunity?…Here's the difference between sales…and business development.…Even if there is some consultation,…the scope of the salesperson's role stays constant.…
The products and services she can offer are fixed…and the compensation plan is predefined.…For example, the salesperson at Nordstrom…will start any meeting by asking you…what you're looking for and what your goals are.…Do you have a budget?…Do you have a special occasion?…Are you trying to match something…in your existing wardrobe, and so on?…But the salesperson is limited…by the clothing Nordstrom carries,…and only sells to consumers,…and their bonus and commission plan is defined.…
Business development teams identify areas of opportunity: new products, new markets, new partnerships, and new distribution channels. It's critical to start with clear objectives. Are you using business development (BD) as a marketing tool, a sales channel, a source of innovation, or a corporate development hub? Management consultant Robbie Kellman Baxter shows you how the best BD professionals identify and build momentum for new initiatives. She also gives you the insight you need to launch a BD function in your organization, explains how to manage a BD team, and shares how to scale the BD function as your opportunities grow.
- Define business development.
- Explain the purpose of business development.
- Distinguish business development from other functions.
- Identify the skills and personality requirements for a business development role.
- Measure business development performance.
- List options for organizing a business development team.
- Describe how to make business development relevant at the C-level.